Pros and Cons of Starting Your Own Business

Was having a chat with a friend the other day and when they asked me how I liked running my own business – I spouted out all the great things about doing what I do. Then I walked away and realised I had probably painted an undue rosey picture about the whole thing. Running your own business has its advantages and its disadvantages.

Easy money isn’t easy. You have to earn it.Cheryl D. Rickman

Disadvantages

- Nobody to blame. Generally, when things are going badly, you will assume responsibility for that face. The buck stops with you.

- In the beginning, for many – the struggle is a lonely and isolated one. Especially if you’ve been used to the 9-5 office lifestyle. Find ways to stop yourself from going crazy – radio / phone / msn etc

- Financial pressure. When starting out for most, cash flow is a big problem. Stable, regular income that offered security in the past will be a safety net you will miss more than you realise.

- Long, Long hours – hours that melt into days and days that melt into weeks.

- No sick pay and holidays. If you take a break from your business – your business takes a break. Which is something you more than likely cannot afford to do.

- Social life fades away and the time merges into working life. Working those long days and hours will diminish the time available to socialise and you will probably notice a corresponding increase in your stress levels!

Advantages

- Being Your Own Boss! I love being able to make the executive decisions. No boss to please, no supervisor to tip toe around and no evil office culture.

- Success of the business is your own personal success aswell. Sense of achievement from getting the first client to completing the first transaction.

- Dependent on your business; you might be doing something you actually enjoy doing.

- The ceiling really is the sky. No promotion to beg for – there is nothing stopping you aiming your business towards the heights of extraordinary success and revenue.

- You get to become an employer.

- In general, you should maybe have a greater flexibility in your life. Once again dependent on your business – that 1 hour you need to go pick the kids or go gym is something you can facilitate for yourself.

Any other advantages and disadvantages you can think of?